Starting your own business is exciting, isn’t it? You wake up each morning ready to start the day, spend all your free time thinking about your business and can’t imagine doing anything else with your life. Because this is what you were born to do!
But this is where most business owners make a fatal mistake. They buy into the myth they’ll be doing this forever, that they’ll be working in their chosen profession from now until their dying day.
Thinking this way leaves your business unprotected and vulnerable, and jeopardizes your Financial Future. Even though it seems unimaginable to you now, there will come a time, whether through age or circumstance, when you’ll need to stop working.
The time to plan your exit strategy is now.
Why Do You Need To Exit Your Business?
Let’s get one thing clear right now. You are not invincible.
You too will grow old. Your health may not continue to be as good as it is now. Your partner or child may get sick and need full time care. While no one ever wants to think about these things, the truth is that they happen. And they happen more often than we could ever imagine.
If you read through the stories of some of our coaches and members on Mindshift.money you’ll soon see that no one is immune. These are people just like you who were going about their business without a care in the world when life intervened.
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As certain as I am about the sun rising tomorrow, I am certain there will be a point when you can no longer trade your time for money. Don’t fall into the trap of believing that just because you’re doing what you love that nothing bad will ever happen to you.
Because life has its own plan for us.
The Myth Of Invincibility
Far too many business owners get trapped in the myth that they can do what they love forever. They see themselves as invincible. In doing so, they think they don’t have to worry about Financial Freedom, job loss, health issues or even retirement. They think they can do what they love until the day they die. But this is a dangerous place to be.
Without a plan in place, you’re leaving your business and your personal Financial Freedom vulnerable to the unexpected.
Planning As Protection
One of the first things we teach in Cash Flow Cure is that you must build Financial Freedom outside of your business. And part of that Financial Freedom is building a wall of financial protection around yourself and your family so you’re prepared for the unexpected. You need to build Financial Security, and then send your money out to work for you so you have financial protection in place well before you need it
Should the unthinkable happen to you or your family, I want your first thoughts to be about how you can support each other to get the healing you need. Not about paying your bills.
Having an exit strategy in place and building Financial Security now means that in the future you’ll be making decisions from a place of strength, not a place of fear.
You’ve worked too hard to build your business to have anything less.
Start Planning For Tomorrow Today
There’s a reason we refer to situations that would cause you to exit your business as unthinkable. It’s difficult, and sometimes painful, to consider bad things happening. It’s even harder to imagine them happening to you. But ignoring potential negative outcomes doesn’t stop them from happening. It just makes it harder on you and your family when they do.
But as a business owner, you know that your future success relies on your ability to make tough decisions today. So, don’t let that discomfort stop you from creating the plan you will need when you exit your business.
Do you have an exit strategy? If not, what’s one thing you can do today to put a plan in place for exiting your business? Share your thoughts in the Business Owner Only Community!
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Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.